Reduces Oil World forecast of soybean production in the United States
Ministry of agriculture downgraded the assessment of the condition of soybean crops by 4% (57% rated as good and excellent), due to dry weather in the West and excessive rains in the East.
due to the US drought of analysts of Oil World downgraded the forecast for soybean crop with 115 according to preliminary estimates of up to 113 million tons, in addition, on 4.2 million below the record high of 2016. Also, according to them, while maintaining the heat wave in August and in late July could see a further decline forecast.
Also, experts predict a decline in export demand from 56.9 to 56 million tons. According to them, it will be due to increased competition with suppliers from Latin America from September to February 2018, as well as falling demand in China, where stocks of the oilseed beans today broke the record for several years. In this regard, the experts of Oil World forecast that stocks of soybeans in the U.S. this marketing year will also be a record, amounting to 13 million tons.
the Price of soybeans in Chicago were resumed to the level of 367$/t for November delivery.
the Forward price of soybeans in Ukraine remain at 370-380$/t in October.